IMF: Another Greek bailout will cost €52bn July 2, 2015 Bailing out Greece for another three years will cost €52bn, the International Monetary Fund (IMF) said today, as Greeks prepared to vote on reform proposals by the country's creditors. A new debt sustainability analysts by the IMF showed interest payments will cost €4.9bn over the next 12 months, rising to €17.2bn over the next three [...]
Greek bailout crowdfunding campaign: Seven amazing numbers about the Indiegogo campaign to save Greece July 2, 2015 A campaign by one Londoner to crowdfund a bailout for Greece, first reported by City A.M on Monday, set the internet alight this week as the country teeters dangerously close to an exit from the Eurozone. The scheme to raise the cash needed to prevent Greece defaulting on its debts has gained astonishing attention – [...]
Jeroen Dijsselbloem: There will be no negotiations if Greece votes no in the referendum July 2, 2015 Greece's creditors will not negotiate with its leaders if voters reject their bailout terms in a referendum to be held on Sunday, Eurogroup president and Dutch finance minister Jeroen Dijsselbloem has warned. At a parliamentary committee, Dijsselbloem called the idea there could be further talks after a "no" vote an "illusion" which must be "swept [...]
Greek crisis: Yanis Varoufakis will resign if Greek people vote Yes in referendum July 2, 2015 The Greek finance minister Yanis Varoufakis has said he will resign if the Greek people vote “yes” in Sunday’s referendum. In an interview with Bloomberg TV, when asked if he would remain as finance minister on Monday in the event of a yes vote, he simply replied: I will not. But Varoufakis was confident the [...]
Tsipras lashes out at lenders ahead of poll July 1, 2015 The Greek government’s standoff with its bailout providers descended deeper into farce yesterday after Prime Minister Alexis Tsipras put a new offer on the table, only to insist later in the day that a referendum will go ahead on a previous offer made by its creditors. International stock markets jumped on reports that Tsipras was [...]
Greek voters will support the creditors – and Syriza will fall July 1, 2015 Monaco – Being away from the din of daily life has its advantages. Presently, I’m at the wonderful Fund Forum International Conference in Monaco, having designed several war games to play with the attendees, which illuminate how geopolitics can impact investment decisions. Beyond enjoying new and insightful company, a startling clarity – achieved only by [...]
Moody’s downgrades Greek bond rating to Caa3 July 1, 2015 Moody's has become the third ratings agency to downgrade Greece in three days. Read more: S&P downgrades Greece and puts chances of Grexit at 50 per cent Today, it lowered the struggling economy's government bond rating from Caa2 to Caa3, and placed it on review for a further downgrade. Moody's said it made [...]
Greece bailout crisis: EasyJet founder Stelios Haji-Ioannou brings free lunch to the table July 1, 2015 While Eurozone finance ministers continue to try and come up with a plan to save Greece's economy, one billionaire is giving out free lunches on the street. Read more: Stelios Haji-Ioannou launches new easyBus Heathrow-London shuttle service Sir Stelios Haji-Ioannou, founder of easyJet, left Greece 25 years ago and now lives in Monaco, but [...]
European and US markets close higher on fresh hopes of a Greece deal July 1, 2015 Greece's economic prospects took a positive turn today, after Prime Minister Alexis Tsipras showed more willingness to compromise with creditors. Read more: No vote does not mean leaving the Eurozone, says Tsipras In a letter to Eurozone partners, he put forward new proposals accepting most of what was on the table before talks collapsed. [...]
Bank of England is making plans to “protect” the UK from Greece, says governor Mark Carney July 1, 2015 The Bank of England (BoE) is drawing up plans to protect the UK's financial system from the crisis unfolding in Greece, according to governor Mark Carney. Read more: Mark Carney voices concern about Greek crisis in Bank of England Financial Stability Report In an interview with Sky News, he said the central bank was [...]